Research on crypto has been on the rise in almost all corners of the world. The same is the case in Pakistan. In this regard, a paper on the Policy Advisory Board – Federation of Pakistan Chambers of Commerce & Industry (FPCCI) on “Prospect of Cryptocurrencies: A Context of Pakistan Policy Brief” has been published. The paper shows that Pakistan has got immense potential to encash the windfall gains of billions of dollars in crypto assets of Pakistani citizens and dual nationals.
FPCCI Papers Showcases Pakistan’s Potential to Earn from Crypto
The board which published the paper intends to offer research-based expertise for a number of segments in this regard. It includes policy advocacy, ease of doing business initiatives, and formalizing the business community’s inputs on policies to numerous government departments, ministries, and institutions. rency assets of Pakistani investors which will help surge reserves as well as additional capital can be pumped into the already challenged economy.
Details on the FPCCI paper:
The paper entails that it is imperative to first channelize the reserved virtual currency assets of Pakistani investors. The paper highly recommends a one-time asset declaration scheme along with some capital gain tax. In addition to that, there is a dire need to devise a regulatory framework and national cryptocurrency strategy to adopt the ecosystem at the early stages. It will help in safeguarding the economic interest and minimize the vulnerabilities of this new system. In any scenario, there are tremendous speculative gains that exist in digital coins which may not be granted the status of a legal tender but they must be standardized as an asset class. In addition to that, crypto-linked exchange-traded funds (ETFs) will draw both domestic and foreign portfolio investments.
Moreover, this will also assist the Pakistan Stock Exchange to retrieve its status as an emerging market. One thing that is worth mentioning here is that any unnecessary delay in transforming these into solid assets may divert them to other more convenient countries of our region.